Syniverse Technologies accepts $144.75 million 12¾% notes in tender offer

By Jennifer Chiou

New York, Sept. 6 -Syniverse Technologies said it accepted tenders from holders of $144,750,000 or 90.9% of its 12¾% senior subordinated notes due 2009.

The offer ended at midnight ET on Sept. 2.

Syniverse said it intends to redeem or repurchase any outstanding notes on or before Feb. 1.

Holders who tendered before the consent deadline will receive $1,098.80 per $1,000 principal amount, including the $30.00 per $1,000 consent payment.

On Aug. 22, Syniverse announced it had received the necessary consents to amend the notes. The amendments allow the company to eliminate most of the restrictive covenants and some events of default.

As previously announced, for each $1,000 principal amount of notes, Syniverse was offering a price determined using a yield of 50 basis points over the bid-side yield to maturity of the 1.875% U.S. Treasury note due Jan. 31, 2006. The total includes a consent payment of $30.00 per $1,000 that will only be paid to holders who tender with consents by the consent deadline.

Syniverse had said it intends to fund the tender with debt financing - and it subsequently sold $175 million of new 7¾% notes.

Lehman Brothers Inc. is dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). The information agent and tender agent is D.F. King & Co., Inc. (800 758-5378 or call collect 212 269-5550).

Based in Tampa, Fla., Syniverse provides technology services to wireless telecommunications companies.

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